Advice To Follow When Buying A Business Property
It’s an exciting venture the moment you’re business is in a position to buy a property that can be solely dedicated to the company. However, with every expenditure, it’s important that you follow the relevant advice to get the best deal for your money but also for what your company needs from a space. So here is some advice to follow when buying a business property.
Determine Your Budget
Firstly when buying a property, it’s good to know what budget you’re working with. What are you willing to invest in this property, and what returns will you gain from buying a particular one? The more money you spend, the more you’ll get, and this might be needed depending on your future projections and any objectives you have for your business plan. You need to figure out what you have available, and that’s disposable to the business currently and what you can afford to give should your first or second offer on a property not be accepted. Property of any kind is always going to be a worthy investment, but you don’t want to put yourself out of pocket or leave the company in a financially unstable position. So work this out before you start visiting properties to avoid wasting anyone’s time.
Get Legal And Financial Advice Where Needed
At some point, legal and financial advice may be needed when looking into different types of property. There are plenty of commercial property solicitors who can offer you advice and support in buying your first commercial property. They’ll have had experience in something that maybe you know very little about and can therefore flag up any potential problems or issues with a property that you wouldn’t have spotted. When it comes to financial advice, it’s good to have someone who’s experienced in buying commercial property and how the finances can be affected, whether that’s good or bad. Of course, you’ll likely to have your own finance team but their knowledge won’t be particularly knowledgeable in buying and selling property.
Know The Current State Of The Property Market
Like the housing market, the commercial property market can also change. From the area that you are looking to buy in to the size of the space, it’s important to keep the current state of the market in mind. This is something you can also get professional advice on, but it’s worth you keeping tabs on what’s selling and who’s buying what. Looking out for patterns of price drops or rises through the year is worth doing because it might be that you’ll get more for your money later on in the year or at some specific point.
It can be very easy to rush into these things, so take your time and focus on the financial benefits of the property market at the time and whether it’s worth holding back for a while.
Think About Future Employee Growth
If this is your first commercial property purchase, then it’s likely you’ll have a fairly small team for your space. It’s worth thinking about the future and not just the present. Yes, a building with a few levels may be perfect for now, but what are your plans in terms of future employee growth. If you’ve already got these plans projected to hire more staff in the future then you don’t want to be buying a property that doesn’t cater to that. This would mean spending a large sum of money to only have to look again for a bigger property in a few years time. Keep this in mind when visiting properties and be sure that the size itself is perfect for where you see yourself in five to ten years time.
Location Is Key
The location of your property is key, especially if you intend to have clients and guests coming to your property on a daily basis. If you’re based in a city, then being central is probably important and if you’re not, then you don’t want to be out in the sticks where people who commute via train, can’t easily walk to your building. Location is something that needs thinking about, depending on what your business is and who you’re expecting to visit other than your staff, of course. The employees are also someone you need to think about when moving because you don’t want to take them too far from their normal commute. If you do, then that might cause problems further down the line.
Have A Tick List Of Requirements
You should have a list of requirements that contain what you absolutely need and what is optional. This is ideal for you to know off by heart but also to give to your property agent who will be actively looking for the right places for you to visit. When running a business, you don’t want to waste your own time in looking at properties that are just not suiting your needs and wants. So the more specific you can be in your requirements, the better. Consider what amount of desk space you need, separate rooms for conference meetings and breakout spaces. The type of structure and layout of communal spaces and how they will benefit the company.
Buying a commercial property is no easy feat and so it’s always worth asking for advice and taking your time when it comes to looking for that perfect space in order to grow and develop your team and business. So to recap, start off by determining the budget you have and how high you can go on the budget. Seek legal and financial advice to help make the property buying process as seamless as possible. Do your own research on how the commercial property market is performing and remember to consider future growth. Think about the location and how that might impact commuting for staff and for clients. And finally, have a tick list as long as your arm so that you know exactly what you’re after. It’s all about the detail!